How are sales going in Monterey? As usual, it depends.

The collector car market has been hot, never mind the day’s news.

While the pandemic added a major wrinkle to in-person auctions, it hasn’t stopped the action.

But Monterey represents something special: a chance to see how high-end classics do in a non-remote setting.

Hagerty’s data from Thursday:

High-quality consignments powered $38.8M in sales on a 73 percent sell-through rate, compared with $16.9M and 49 percent sell-through the last time we all gathered here, in 2019.  

Yesterday RM Sotheby’s offered several top-tier exotics from the estate of late businessman Paul Andrews:

Most notably, a 1962 Aston Martin DB4 GT Zagato sold for $9,520,000, 13.5 percent below low estimate but right on the Hagerty Price Guide condition value. A 1955 Jaguar D-Type went unsold for 16 percent below low estimate at a $4.2M high bid but also reached its Hagerty Price Guide condition value. The biggest underperformer of the night was a continuation Jaguar E-Type Lightweight, which sold for $1,050,000—30 percent below its low estimate and nearly 40 percent less than this very car brought last October at RM’s Elkhart auction. At the other end of the spectrum, a stunning LHD 1965 Aston Martin DB5 convertible earned $3.195M (and a round of applause from those in the room), beating its high estimate by more than $900,000.  

The sole Ferrari of the day, a 1963 Ferrari 250 GT Lusso sold for $1,875,000—24 percent above #1 condition value and 50 percent over condition-appropriate value. American classics also performed well, led by a Duesenberg Model J ‘Butterfly’ Dual-Cowl Phaeton that brought $3,305,000. These two sales—a continuation of what we saw earlier this year at Amelia Island—suggest in-person auctions maintain the upper hand in Enzo-era Ferraris and prewar cars, which remain relatively rare on online platforms. 

Overall, bidding was strong, if not exuberant. As we’ve observed at high-end auctions for several years now, buyers of million-dollar vehicles have a strong sense of what things are worth and an unwillingness to venture above that. But more so than 2019, the truly nice cars are here, and people are bidding them to condition-appropriate prices.  

What about cars that can fall into the more attainable class? Again, from Hagerty:

The exuberance in recent months has been primarily focused on more attainable cars. Feverish activity on online platforms like Bring a Trailer has fueled unprecedented appreciation this year for many vehicles in the $50k–$250k range. We’re already seeing that carry over to the live-auction scene here in Monterey. Mecum, for instance, sold a one-owner, 13,000-mile Porsche 914 for $80,850, about 18 percent above Hagerty’s condition #1 value.  

Now to see what that McLaren F1 and Porsche 917K will bring.

 

PEBBLE BEACH AUCTIONS
13 August 2021 (Results through 12 August 2021)

Listed below are the raw results Hagerty Valuation Team members witnessed during live auctions. They may not factor in post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

Overall through Thursday from all auction companies
Cumulative Total: $38.8M
168/231 lots sold: 73% sell-through rate
Average Sale Price: $231,016
 
2019 Cumulative Results through Thursday 
(RM Sotheby's, Mecum, Russo and Steele)
Cumulative Total: $16.9M
143/292 lots sold: 49% sell-through rate
Average Sale Price: $118,220

 
Overall Top 10 Sales from all auctions through Thursday: 
1. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000 (RM Sotheby's)
2. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000 (RM Sotheby's)
3. 1929 Duesenberg Model J Murphy Dual-Cowl Phaeton sold for $3,305,000 (RM Sotheby's)
4. 1965 Aston Martin DB5 Drophead Coupe sold for $3,195,000 (RM Sotheby's)
5. 1991 Aston Martin DB4 GT Zagato Coupe sold for $2,755,000 (RM Sotheby's)
6. 1963 Ferrari 250 GT Lusso Coupe sold for $1,875,000 (RM Sotheby's)
7. 1957 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500 (RM Sotheby's)
8. 1929 Bentley 4 1/2-Litre Vanden Plas Touring sold for $1,105,000 (RM Sotheby's)
9. 1963 Jaguar E-Type SI 3.8 Lightweight Contin Coupe sold for $1,050,000 (RM Sotheby's)
10. 1932 Packard Twin Six/Individual Custom-Series 906 Convertible Sedan sold for $1,050,000 (RM Sotheby's)

 

Results broken down by Auction Company

RM SOTHEBY'S
Cumulative Total through Friday: $34.4M
25/26 lots sold: 96% sell-through rate
Average Sale Price: $1,377,560
 
Overall Top 10 Sales:
1. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000
2. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000
3. 1929 Duesenberg Model J Murphy Dual-Cowl Phaeton sold for $3,305,000
4. 1965 Aston Martin DB5 Drophead Coupe sold for $3,195,000 
5. 1991 Aston Martin DB4 GT Zagato Coupe sold for $2,755,000 
6. 1963 Ferrari 250 GT Lusso Coupe sold for $1,875,000
7. 1957 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500
8. 1929 Bentley 4 1/2-Litre Vanden Plas Touring sold for $1,105,000
9. 1963 Jaguar E-Type SI 3.8 Lightweight Contin Coupe sold for $1,050,000
10. 1932 Packard Twin Six/Individual Custom-Series 906 Convertible Sedan sold for $1,050,000
 
2019 Cumulative Results
Cumulative Total through Thursday: $14.0M
24/34 lots sold: 71% sell-through rate
Average Sale Price: $584,754

MECUM
Cumulative Total through Thursday: $3.8M
128/179 lots sold: 72% sell-through rate
Average Sale Price: $30,065

Overall Top 10 Sales:
1. 1967 Chevrolet Corvette Coupe sold for $140,250
2. 2017 Lotus 3-Eleven Road Roadster sold for $126,500
3. 1914 Harley-Davidson 10F Twin Motorcycle sold for $101,200
4. 1952 Mercedes-Benz 220 Cabriolet A sold for $96,250
5. 1951 Giaur Race Car Roadster sold for $84,700
6. 1973 Porsche 914 1.7 Targa sold for $80,850
7. 2008 Bentley Continental GTC Convertible Coupe sold for $71,500
8. 1968 Ford Mustang GT Coupe sold for $71,500
9. 1967 Austin-Healey 3000 GT Coupe sold for $68,200
10. 1965 Honda CA110 Sport 50 Motorcycle sold for $66,000

2019 Cumulative Results
Cumulative Total through Thursday: $2.4M
101/223 lots sold: 45% sell-through rate
Average Sale Price: $23,468

 
RUSSO AND STEELE
Cumulative Total through Thursday: $0.5M
15/26 lots sold: 58% sell-through rate
Average Sale Price: $34,888
 
Overall Top 10 Sales:
1. 1941 Plymouth P12 Special Deluxe Customized Coupe sold for $67,100
2. 2013 Ford Mustang Boss 302 Laguna Seca Coupe sold for $52,800 
3. 2003 Porsche 911 Turbo Coupe sold for $52,800
4. 1966 Ford Mustang Customized Coupe sold for $49,500
5. 2008 Mercedes-Benz SL600 Customized Roadster sold for $48,950
6. 1975 Ford F-250 3/4 Ton Pickup sold for $44,000
7. 1971 Volkswagen Meyers Manx Replica Dune Buggy sold for $35,750
8. 1996 Chevrolet Corvette GS Coupe sold for $34,100
9. 1994 Land Rover Range Rover County LWB Sport Utility Vehicle 4x4 sold for $33,550
10. 1962 Ford Galaxie 500 Sunliner Convertible sold for $27,500

2019 Cumulative Results
Cumulative Total through Thursday: $0.5M
18/35 lots sold: 51% sell-through rate
Average Sale Price: $27,842

 

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